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To answer your question, that exists somewhat with LBRY (pronounced "library"), and its web frontend Odysee. A LBRY client downloads content you watch and helps serve it to anyone else who watches it. I believe you specify how much space the client is allowed to use, and it will cycle out older stuff when it hits that limit.
And it's also not accounting for the fact that those same hours of videos get encoded in multiple formats -- I threw a YT video URL at yt-dlp, and yt-dlp reports 25 different formats available, from MHTML storyboards to audio-only to 3GP (for feature phones on old networks) through to 4K video.